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UBS Morning audio comment: Profits push up prices
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Profits push up prices
UBS Morning audio comment by Paul Donovan
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Listen to today's Thursday, 8 December update
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Yesterday’s US unit labor cost numbers are subject to possible future revisions, but showed non-financial corporate profits growing faster than labor costs. In fact, profits have growth faster than labor costs for seven of the past eight quarters, as prices have growth faster than labor costs for seven of the past eight quarters. Today’s inflation is more about margin expansion than labor costs.
Germany made a series of arrests around a coup d’état plot. Markets did not really react, but this is a symptom of issues markets do need to worry about. The rise of single issue politics, scapegoat economics, and prejudice politics are all consequences of the structural changes that make up the fourth industrial revolution and are all very relevant to investors. |